Repair cost and age behind the 1969 grounding write-off

Why was an older former British vessel grounded in 1969 written off despite appearing repairable?

Age and life-cycle economics made replacement more useful than paying to restore an obsolete hull with high future maintenance costs.

The question concerns an older vessel grounded in 1969, although its name is unclear in the recorded exchange. The panel gives cost and age as the reasons to write it off despite apparent repairability. Restoring the hull would consume funds while buying limited further service, whereas declaring a loss could support the case for a more capable replacement. Lower expected maintenance costs also favor replacement in this explanation. The discussion does not provide a repair estimate or a technical damage survey.